Go First, which grounded itself on May 2, 2023, and entered the corporate insolvency resolution process a few days after, has seen two bids in yet another round of attempts by the airline’s resolution professionals to find it a suitor.

Go First sees two bids.

After many extensions, today was the last date to file a bid for GoFirst. Many have discussed bidding to resurrect the grounded carrier, but two bids came in today. The first one was not a surprise. Ajay Singh, the person at the helm of SpiceJet, has filed a bid for Go First (in his personal capacity), along with a non-standard air operator, Busy Bee Airways. The second bid is by United Arab Emirates-based Sky One.

SpiceJet, which issued a media statement, went to great lengths to state that the bid for Go First is in Ajay Singh’s personal capacity along with Busy Bee Airways Pvt. Ltd. EaseMyTrip’s Nishant Pitti owns Busy Bee Airways.

Further, if Ajay Singh gets the winning bid, SpiceJet will be the “operating partner” for the airline. No one knows what that means, but SpiceJet will provide “essential staff, services, and industry expertise.” Per SpiceJet, this collaboration will generate synergies between the two carriers, “leading to improved cost management, revenue growth, and a strengthened market position within the Indian aviation industry.”

This implies that SpiceJet and Go First, under whatever name, will continue to operate as two airlines, competing and cooperating simultaneously. It beats me to why two beleaguered airlines will not synergise as one rather than two and work with a small fleet of 737s and a large grounded fleet of A320neos.

Sky One, which is an aircraft asset manager and seems to be an airline incubator as well, has also confirmed that they placed a bid for the grounded airline.

What remains to be seen now is whether SpiceJet will see through its bid or use this opportunity for due diligence and walk away.

Bottomline

SpiceJet honcho Ajay Singh and UAE-based Sky One have both filed bids for Go First. SpiceJet’s Ajay Singh has filed a joint bid with Busy Bee Airways, a company owned by EaseMyTrip’s Nishant Pitti. It remains to be seen if any of the bids will satisfy the Committee of Creditors or if Go First will end up in liquidation.

What do you think will be the future of Go First with either of these bidders?

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